**Registered company number - 07418219 Registered charity number - 1170668**
## **RAMSGATE (HERITAGE REGENERATION) TRUST**
**(A COMPANY LIMITED BY GUARANTEE)**
**TRUSTEES' ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
**RAMSGATE (HERITAGE REGENERATION) TRUST**
## **CONTENTS**
||**Pages**|
|---|---|
|Legal and administrative information|1|
|Trustees' Annual Report|2 - 4|
|Independent Examiner's Report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the accounts|8 - 15|
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 1
## **LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 OCTOBER 2022**
**Directors (Trustees)** Mr P O Spain Mr M W Story Chair Mr M R Streatfield Mr M Chapman Ms L J Farag (resigned 25.3.22) Mr C E Aris (appointed 18.1.22) Mr S T Pankhurst (appointed 19.7.22) **Company number** 07418219 **Charity number** 1170668 **Registered office** Ramsgate Tunnels Marina Esplanade Ramsgate Kent CT11 8FH
**Independent examiner** Mr S J Wren FCCA Accountancy Matters (Kent) Limited The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA
## **Bankers**
Lloyds Bank Plc 7 Carter Street Uttoxeter Staffordshire ST14 8HD
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 2
**TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2022**
The Directors of the company (who are trustees for the purposes of charity law) present their annual report and financial statements of the charity for the year ended 31 October 2022 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The financial statements comply with the Charities Act 2011, the Companies Act 2006 relating to small companies, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The company was incorporated as a company limited by guarantee on 25 October 2010 and is governed by its Memorandum and Articles of Association. The company gained charitable status on 9 December 2016.
## **Recruitment and appointment of trustee/directors**
Efforts are made ,when appointing new Trustees, to achieve a balance of skills and talents to cover all the key management areas of Development, Finance, Technical and Operations .
Any new directors/trustees are actively involved in the control of the Trust, as Board Meetings, normally held monthly, are well attended due to the enthusiasm shown by everyone.
## **Organisational structure**
Ramsgate Tunnels have a full time General Manager, who also carries out some planning tasks for all the Trust’s projects. There are also two part-time Support Managers, who between them cover the hours when the tunnels are open, and are responsible for the safety of the public, volunteers and tunnels fabric, admission and supervision of visitors, special event planning and day-to-day maintenance.
All other activities, including guides for tunnel tours, are carried out by volunteers on an unpaid basis.
There is a Volunteer Forum, open to all volunteers, and completely independent of the tunnels management.
All three Managers can refer directly to Trustees for guidance and support where this is necessary. They have written job descriptions covering the main responsibilities.
The key management personnel of the charity are the Trustees, who are unpaid, and the General Manager, who is a salaried full-time employee.
## **Risk management**
Compliance with all health and safety and safeguarding regulations and recommendations is paramount to the Trust. An independent review is undertaken each year by a specialist professional.
Escape procedures and First Aid training are updated regularly. We also have a Defibrillator available.
Responsibility for the safety of everyone in the tunnels, including visitors, is recognised by all Trustees, Duty Managers, and volunteer guides. Before each tour, a clear explanation is always given to the visitors, and no-one is allowed past the first part of the large Victorian railway tunnel without hard hats and torches.
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 3
**TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2022**
Checks are also made by the guides before setting off on tours that all persons, particularly young persons, are adequately dressed and are wearing suitable footwear for the uneven surfaces.
Radios and back-up torches are carried by all guides.
The physical integrity of the tunnels is checked daily by Duty Managers, and also by an annual inspection by professional tunnelling engineers.
## **OBJECTIVES AND ACTIVITIES**
## **Aims and objectives**
To conserve and regenerate any land and buildings in Ramsgate, and documents and archives, ephemera and artefacts, of historical, cultural or architectural interest, for the benefit of the public, by developing the same, either on its own or in conjunction with others, as community assets and encouraging community enterprise.
## **Activities and Public Benefit**
The Trust is set up for the control of projects considered to be of benefit to the town of Ramsgate. The main project that is currently managed by the Trust is Ramsgate Tunnels, which has proved very successful, and is self-funding.
The Trust has always been open to any other ventures that meet its criteria (subject to sufficient funding and personnel to implement), but hitherto no other viable projects had been identified. However, during the year under review, an opportunity arose to assist the St Lawrence Clock Restoration Project with fund raising for the restoration of part of one of the town’s oldest and most important buildings. Funds raised for the appeal are restricted for this purpose.
The Project 2024 concept plan has been revised and now includes the research project as an integral part. Development of the Project continues with a renewed focus on bringing together the town’s heritage and making it accessible to the public
## **Achievements and performance**
Like all tourism enterprises, Ramsgate Tunnels has been affected by the Covid-19 pandemic. However, we are pleased to report that visitor figures have now recovered to a satisfactory level.
The planned Overnight Experiences started in February 2022, and are proceeding very well. It has become apparent that there is particular demand for these during the winter season, which helps to offset the seasonal downturn in Explorer Tours.
## **FINANCIAL REVIEW**
The Trustees are satisfied with the current trading position, and the liquidity, stability, and the level of
annual surplus.
At the end of this period there was one Restricted Fund held, and two Designated Funds. Further details of these funds can be found in note 11 to the accounts.
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 4
**TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 OCTOBER 2022**
## **RESERVES POLICY AND GOING CONCERN**
It is felt that the tunnels can continue as a going concern and solvency levels are adequate. Controls are exercised at various levels to ensure that strict financial prudence is applied.
In accordance with the lease, from April 2019 rent should have been payable to Thanet District Council if demanded. At the time of writing this report, no demand has been made, but an amount has been accrued for the period April 2019 to October 2022.
## **PLANS FOR THE FUTURE**
Negotiations with Thanet District Council for a new lease (probably of at least 20 year duration) are continuing. Planning has begun for a major project to build a new facility in the Tunnels to significantly improve our offering to the public, and our contribution to the local community and economy. It is anticipated that this project (“Project 2024”) will require major external funding – which we are quite confident of obtaining – and will only proceed if such funding is obtained. However, this funding will require a new lease to be in place.
Signed on behalf of the Board of Directors by :
M Story - Director
Date : 23 May 2023
**INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF**
Page 5
**RAMSGATE (HERITAGE REGENERATION) TRUST**
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 October 2022 which are set out on pages 6 to 15.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
- 1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
- 2 the accounts do not accord with those records; or
- 3 the accounts do not comply with the accounting requirements of section 386 of the 2006 Act other than any requirements that the accounts give a 'true and fair view' which is not a matter considered as part of an independent examination; or
- 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
**S J Wren FCCA Accountancy Matters (Kent) Limited Chartered Certified Accountants The Marlowe Innovation Centre Marlowe Way Ramsgate Kent CT12 6FA**
Date : 26 May 2023
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 6
## **STATEMENT OF FINANCIAL ACTIVITIES (incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 OCTOBER 2022**
|**Notes**
**Unrestricted Restricted**
**funds**
**funds**
**£**
**£**
**INCOME**
Income from charitable activities
2
168,748
-
Grants and donations
3
6,137
441
Income from trading activities - Cafe
34,036
-
Investment income - interest receivable
22
-
VAT refund
16
-
-
**TOTAL INCOME**
208,943
441
**EXPENDITURE**
Costs of raising funds
4
31,964
-
Expenditure on charitable activities
4
172,826
-
**TOTAL EXPENDITURE**
204,790
-
**NET INCOME/(EXPENDITURE)**
4,153
441
Transfers between funds
11
-
-
**NET MOVEMENT IN FUNDS**
4,153
441
Balance as at 1 November 2021
155,109
-
**BALANCE AT 31 OCTOBER 2022**
159,262
441|**Total**
**Total**
**funds**
**funds**
**2022**
**2021**
**£**
**£**
168,748
123,676
6,578
32,737
34,036
17,321
22
6
-
31,489
209,384
205,229
31,964
10,504
172,826
157,268
204,790
167,772
4,594
37,457
-
-
4,594
37,457
155,109
117,652
159,703
155,109|
|---|---|
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 7
**BALANCE SHEET AS AT 31 OCTOBER 2022**
|**Notes**
**FIXED ASSETS**
Tangible assets
7
**CURRENT ASSETS**
Stock
Debtors
8
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
9
**NET ASSETS**
10
Represented by:
**FUNDS OF THE CHARITY**
**Restricted funds**
11
**Unrestricted funds :**
Designated funds
11
General funds
11
**TOTAL CHARITY FUNDS**|7,089
5,722
143,232
156,043
(24,714)|**2022**
**£**
28,374
5,455
3,147
136,267
144,869
(24,920)
131,329
159,703
441
78,374
80,888
159,703|**2021**
**£**
35,160
119,949|
|---|---|---|---|
||||155,109|
||||-
75,160
79,949|
||||155,109|
For the financial year ended 31 October 2022 the company was entitled to exemption from audit under s.477 Companies Act 2006 and no members have deposited a notice under s.476 requiring an audit.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with s.386 of the Act for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of sections 394 and 295 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies ..
These accounts were approved and signed for issue by the trustees on 23 May 2023
M Story - Director P O Spain - Director
**Company Registration Number - 07418219**
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 8
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **1 ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Ramsgate (Heritage Regeneration) Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
The principal accounting policies adopted are as follows:
## a) **Preparation of the accounts on a going concern basis**
- A new lease for Ramsgate Tunnels is being negotiated. The trustees are confident that these negotiations will be complete before the end date of the current lease (15 April 2024). If for any reason this date is not achieved, then the trustees are confident that the there will be no immediate notice to quit, and that the operation will still be able to continue under the terms of the existing lease. There are no other material uncertainties about the Charity’s ability to continue for a period of 12 months from the date these accounts were approved.
## b) **Income**
All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy and its receipt is probable.
The following specific policies are adopted and applied to particular categories of income :
Explorer ticket fees and the sale of goods and services are accounted for on a receivable basis.
Voluntary income by way of grants and donations is included in the statement of financial activities when receivable.
## c) **Expenditure**
All expenditure is accounted for on an accruals basis and excludes VAT where applicable. As from 1 May 2020 the charity was unable to reclaim all of its input tax as from this date the Tunnels Admission Fees have been treated as exempt from VAT under the Cultural exemption, and therefore the irrecoverable amount is shown separately in the SOFA. Where expenditure relate to more than one functional cost category they have been split on an estimate of time spent. Resources expended are shown as :
Charitable expenditure - comprises those costs incurred by the charity in the delivery of its activities and services for beneficiaries. It includes both those costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including governance costs (costs associated with meeting the constitutional and statutory requirements of the charity and includes the Independent Examiners fee).
## d) **Tangible fixed assets**
Tangible fixed assets costing more than £250 are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows :
Leasehold improvements Over the lease term Equipment 33% straight line Fixtures and fittings 20% straight line
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 9
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **1 ACCOUNTING POLICIES (contd)**
## e) **Fund accounting**
Unrestricted funds are donations and other income receivable without further specified purpose and are available as general funds.
Designated funds are unrestricted funds earmarked by the trustees for a particular purpose.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets this criteria is charged to the fund.
## f) **Pensions**
The charity operates a defined contribution pension scheme. Contributions payable are charged as an expenses in the statement of financial activities.
## g) **Operating leases**
Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.
## h) **Significant judgements and estimates**
Other than the depreciation policies, and the amount of rent due under the property lease, no significant judgements have had to be made by the Trustees in preparing these financial statements.
## **2 CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**£**
Admission fees (incl. Gift Aid)
149,159
Special events
6,444
Sale of books and souvenirs
13,145
168,748
**ANTS AND DONATIONS**
**Unrestricted**
**funds**
**£**
Coronavirus Job Retention Scheme grants
-
Thanet District Council grants
2,667
Ramsgate Town Council
3,000
Donations
470
6,137|**Restricted**
**funds**
**£**
-
-
-
**Restricted**
**funds**
**£**
-
-
-
441
441|**2022**
**Total**
**funds**
**£**
149,159
6,444
13,145
168,748
**2022**
**Total**
**funds**
**£**
-
2,667
3,000
911
6,578|**2021**
**Total**
**funds**
**£**
111,924
150
11,602|
|---|---|---|---|
||||123,676|
||||**2021**
**Total**
**funds**
**£**
13,657
19,051
-
29|
||||32,737|
## **3 GRANTS AND DONATIONS**
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 10
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
|**4**
**TOTAL EXPENDITURE**
**Unrestricted**
**funds**
**£**
Costs of raising funds :
Advertising and promotion
3,168
Event costs
9,978
Café purchases (adjusted for stock)
18,818
31,964
Costs directly allocated to activities
Purchases for resale (adjusted for stock)
6,603
Displays
1,473
Archiving
488
Storage
1,920
Wages and salaries
77,388
Staff and volunteer expenses
6,252
Rent
6,000
Rates and water
445
Light and heat
5,141
Repairs and maintenance
14,209
Cleaning and waste
1,249
Health and safety
1,690
Insurance
2,460
Depreciation and amortisation
14,083
Loss on disposal of fixed assets
-
Support costs
Telephone
1,498
Other office costs
2,273
Sundries
924
Bank charges and credit card charges
6,376
Legal and professional fees
493
Bookkeeping
5,054
Café overheads
3,529
Depreciation of Café equipment
4,138
Irrecoverable VAT
8,257
Governance costs
Companies House fee
13
Independent Examiner's fee
870
172,826
204,790|**Restricted**
**funds**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**2022**
**2021**
**Total**
**Total**
**funds**
**funds**
**£**
**£**
3,168
2,553
9,978
635
18,818
7,316
31,964
10,504
6,603
4,291
1,473
6,215
488
5
1,920
-
77,388
66,079
6,252
3,817
6,000
6,000
445
95
5,141
3,586
14,209
15,967
1,249
884
1,690
830
2,460
2,308
14,083
14,300
-
668
1,498
712
2,273
1,741
924
920
6,376
4,151
493
6,398
5,054
4,340
3,529
3,404
4,138
3,392
8,257
6,322
13
13
870
830
172,826
157,268
204,790
167,772|
|---|---|---|
||Of the total expenditure in 2021 of £167,772, £167,772 was unrestricted and £Nil was restricted.|Of the total expenditure in 2021 of £167,772, £167,772 was unrestricted and £Nil was restricted.||
|---|---|---|---|
|**5**|**NET INCOME**|**2022**|**2021**|
|||**£**|**£**|
||This is stated after charging:|||
||Depreciation and amortisation|18,221|17,692|
||Loss on disposal of fixed asset|-|668|
||Independent Examiner's remuneration :|||
||Independent Examination|870|830|
||Tax assistance|205|425|
||Subsidiary accounts|-|100|
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 11
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
|**6**
**INFORMATION REGARDING EMPLOYEES**
Wages and salaries
Social security costs
Employer pension contributions
Employment Allowance|**2022**
**2021**
**£**
**£**
74,561
64,312
6,261
4,406
1,907
1,767
(5,341)
(4,406)
77,388
66,079|
|---|---|
The average monthly head count was 4 staff (2021 - 4 staff).
The average number of employees based on full time equivalents analysed by function was:
|Advice and information
Management and administration|**2022**
**2021**
**Number**
**Number**
3
3
-
-
3
3|
|---|---|
No employee had emoluments in excess of £60,000 (2021 - Nil).
No trustees received remuneration or were reimbursed expenses from the charity during the year (2021 - Nil).
The total employee benefits (including employers national insurance) of the key management personnel of the charity were £32,044 (2021 - £60,645)
|**7**
**FIXED ASSETS**
**Leasehold**
**improvements**
**£**
**Cost**
As at 1 November 2021
123,459
Additions
-
Disposals
0.00
As at 31 October 2022
123,459
**Depreciation**
As at 1 November 2021
103,255
Disposals
0.00
Charge for the year
7,175
As at 31 October 2022
110,430
**Net book value**
As at 31 October 2022
13,029
As at 31 October 2021
20,204|**Fixtures &**
**Fittings**
**£**
**£**
39,601
12,828
3,295
8,140
0.00
0.00
42,896
20,968
26,704
10,769
0.00
0.00
7,982
3,064
34,686
13,833
8,210
7,135
12,897
2,059
**Equipment**|**Total**
**£**
175,888
11,435
0.00|
|---|---|---|
|||187,323|
|||140,728
0.00
18,221|
|||158,949|
|||28,374|
|||35,160|
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 12
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
|**8**
**DEBTORS**
Trade debtors
Other debtors
Prepayments
**9**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Taxation and social security
Other creditors
Accruals
**10 ANALYSIS OF NET ASSETS BETWEEN FUND**
**General Designated**
**funds**
**funds**
**£**
**£**
Tangible fixed assets
-
28,374
Current assets
105,602
50,000
Current liabilities
(24,714)
-
**Net assets as at 31 October 2022**
80,888
78,374
**ANALYSIS OF NET ASSETS BETWEEN FUND - PREVIOUS YEAR**
**General Designated**
**funds**
**funds**
**£**
**£**
Tangible fixed assets
-
35,866
Current assets
104,869
40,000
Current liabilities
(24,920)
-
**Net assets as at 31 October 2021**
79,949
75,866|**2022**
**£**
1,277
2,925
1,520
5,722
**2022**
**£**
1,210
3,307
-
20,197
24,714
**Restricted**
**funds**
**£**
-
441
-
441
**Restricted**
**funds**
**£**
-
-
-
-|**2021**
**£**
508
2,639
-|
|---|---|---|
|||3,147|
|||**2021**
**£**
2,905
6,397
-
15,618|
|||24,920|
|||**Total**
**£**
28,374
156,043
(24,714)|
|||159,703|
|||**Total**
**£**
35,866
144,869
(24,920)|
|||155,815|
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 13
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
|**11 MOVEMENT IN FUNDS**
Restricted funds
St Lawrence Church Clock
Total restricted funds
Designated funds
Fixed assets fund
Project 2024
Research
Total designated funds
Unrestricted general funds
Total funds|**As at**
**1 11 2021**
**£**
-
-
-
35,160
25,000
15,000
75,160
79,949
155,109|**Incoming**
**resources**
**£**
-
441
441
-
-
-
-
208,943
209,384|**Outgoing**
**resources**
**£**
-
-
-
-
-
-
-
(204,790)
(204,790)|**Transfers**
**As at**
**31 10 2022**
**£**
**£**
-
-
-
441
-
441
(6,786)
28,374
25,000
50,000
(15,000)
-
3,214
78,374
(3,214)
80,888
-
159,703|
|---|---|---|---|---|
## **Restricted funds**
## _St Lawrence Church Clock_
In keeping with our Charitable Aims and Objectives, RHRT is assisting the St Lawrence Clock Restoration Project with fund raising for the restoration of one of the town’s oldest and most important buildings. Funds raised for the appeal are restricted for the purpose.
## **Designated funds**
## _Fixed assets fund_
The Trustees have created a designated fixed asset fund which represents the net book value of the charity's assets at the balance sheet date. This was considered appropriate as these funds can not be easily convertible into liquid assets.
## _Project 2024_
During the year, as plans for the enhanced visitor experience (known as Project 2024) were developed, it became clear that the programme of research into Ramsgate History would form an integral part of that project. Accordingly, the two previous designated funds (Project 2024 and Research funds) have been combined into one (known as Project 2024) and an additional £10,000 has also been allocated to this fund.
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 14
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **11 MOVEMENT IN FUNDS - PREVIOUS YEAR - Cont'd**
|Restricted funds
Total restricted funds
Designated funds
Fixed assets fund
Project 2024
Research
Total designated funds
Unrestricted general funds
Total funds|**As at**
**1 11 2020**
**£**
-
-
35,866
25,000
15,000
75,866
41,786
117,652|**Incoming**
**resources**
**£**
-
-
-
-
-
-
205,229
205,229|**Outgoing**
**resources**
**£**
-
-
-
(3,606)
-
(3,606)
(164,166)
(171,378)|**Transfers**
**As at**
**31 10 2021**
**£**
**£**
-
-
-
-
(706)
35,160
3,606
25,000
-
15,000
2,900
75,160
(2,900)
79,949
-
155,109|
|---|---|---|---|---|
## **Designated funds**
## _Fixed assets fund_
The Trustees have created a designated fixed asset fund which represents the net book value of the charity's assets at the balance sheet date. This was considered appropriate as these funds can not be easily convertible into liquid assets.
## _Project 2024 (formerly Tunnels Improvements)_
Funds have been set aside as there are plans to develop further features to enhance the visitor experience and this will involve engaging external advisers and purchase of extra audio/visual equipment.
## _Research_
The Trustees have set aside funds as It is planned to develop a programme of research to uncover, promote and publicise the Town’s history. Currently work is being undertaken to digitise the archival collection of the Town Council.
## **12 FINANCIAL COMMITMENTS**
At 31 October 2022 the charity had future minimum lease payments (estimated) under non-cancellable operating leases as follows:
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|within one year|6,000|6,000|
|within two to five years|3,000|9,000|
|after five years|-|-|
The land comprising Ramsgate Tunnels has been leased for a period of 10 years as from April 2014. In the first 5 years the rent is a peppercorn rent. The annual rent due in each of the next 5 years will be calculated as the higher of £3,000 or 5% of gross turnover.
## **13 MEMBERS LIABILITY**
The company is a company limited by guarantee. The members' liability is limited to £1 each.
**RAMSGATE (HERITAGE REGENERATION) TRUST**
Page 15
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022**
## **14 CORPORATION TAXATION**
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
## **15 RELATED PARTY TRANSACTIONS**
The charity holds 100 ordinary shares (100% of the total shares) in Ramsgate Tunnels Limited, a non trading company.
There were no transactions with related parties during the year under review that need to be disclosed.
## **16 VAT**
During the previous year the charity successfully applied to HMRC to claim Cultural Exemption in respect of the Admission fees to the Tunnels. HMRC accepted the claim and allowed this to go back to 1 November 2016. The charity subsequently received a repayment of output VAT of £31,489.